I used to spend probably 5 minutes after I found a chart I wanted to get in, just trying to figure out my position. I'd go to 3 different calculator sites to get each bit of info I needed to complete my answer of what my position size should be. It was such a pain and I hated doing. I'd miss a lot of moves while going to these sites.
I finally created a calculator with the help of a friend of mine that does the position sizing for me within 5 seconds. I got all the formulas figured out, created the layout and he helped me make it work.
I've used this calculator ever since and I can't imagine getting into a trade without first putting in the data and figuring out how much I'll be risking. My entire game plan is completely laid out in front of me before I even put on the trade which has helped a lot and has taken the guess work out of the trade after I'm in. I know when I'll get out if the trade goes against me and I know when I'll get out if it goes on my favor. I shoot for 2% gains from entry but I created 3 different exit points if you're into scaling out of a position, you can quickly see your price target ahead of time.
I have a very small account and if I hadn't been using this calculator and managing my money, I easily would of blown my account already.
DOWNLOAD: http://tradeswing.blogspot.com/2008/01/position-sizing-calculator-download.html
